I have taken a Housing Loan from nationalized bank for Rs 26 lakhs . I have been asked to do carry out equitable mortgage registration . The Tamil nadu Government has recently hiked the Stamp Duty and Registration Charges and it works out to be Rs 30,000 for the Stamp Duty + registration. In addition to this I have been asked to pay additional amount for for Document preparation and support during the visit to Registrar's office .
I did not anticipate such a big payment . Is the Equitable Registration a mandatory process ? Can it be delayed in anticipation that the Stamp Duty Charges maybe reduced ? Also I came across an article in buisness Line which explained that by submiiting the Title Deeds with the bank is equivalent to the Equitable Mortgage and that RBI has a central Registry to maintain all mortgages and banks have to report all transactions to this registry so that he borrower would not be burdened with the costs for the Mortgage Registration.
Any advice on this would be highly appreciated .